What's Going On With ImmutableX, The NFT Platform's Token Is Surging 35% Today While Bitcoin, Ethereum, Dogecoin Trail

The native token of the non-fungible tokens (NFT) platform ImmutableX, known as IMX IMX/USD, experienced a significant surge on Thursday, led by South Korean traders.

What Happened

Data from the market showed that the cryptocurrency rose by 34%, reaching a value of 72 cents during Asian trading hours. In contrast, major cryptocurrencies like Bitcoin BTC/USD, Ether ETH/USD, and Dogecoin DOGE/USD traded slightly lower, ranging from 0.5% to 1%.

CoinMarketCap data indicated a remarkable increase in volume, with a surge of over 2000%, amounting to $249 million. This surge in trading volume can be attributed to the growing interest and investment in IMX.

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Upbit Leading Volume Growth

One particular exchange, Upbit, showcased noteworthy volume growth in IMX trading. Data from blockchain analytics firm LookonChain revealed that wallets connected to Upbit acquired 12.53 million IMX, equivalent to $9.27 million, as the cryptocurrency soared. 

Subsequently, the balance from these wallets was transferred to address 0x2F77AEd5B7259ABD27077f9F99772aDDF913E62E, and this address currently holds over 21 million IMX

2/ Upbit has accumulated 12.53M $IMX ($9.45M) in the past 3 hours and transferred to wallet "0x2F77".

Wallet "0x2F77" currently holds 20.4M $IMX ($15M), becoming the 9th holder.https://t.co/QnQxok7iPU pic.twitter.com/SFlKQAqvAi

— Lookonchain (@lookonchain) September 21, 2023

The rise in IMX’s price compelled some market participants to move their coins to exchanges, potentially indicating an intent to liquidate their holdings. LookOnChain said, “Investors unlocked 3.05 million IMX ($2.3M) from the Foundation Treasury Locked wallet after the IMX price increased, possibly dumping to the market.”

Price Action: At the time of writing, BTC was trading at $27,142, up 4.56% in the last 24 hours, according to Benzinga Pro.

Photo by Matt Benzero on Shutterstock

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